Banking Industry & Corporate Social Responsibility

This assignment delves into the complex relationship between corporate social responsibility (CSR) and the banking industry. It requires analysis of various aspects including the motivations driving banks to engage in CSR, the impact of CSR on financial performance, and the ethical implications surrounding CSR practices within this sector. The provided research papers serve as a basis for understanding these multifaceted dimensions.

Running head: MARKETING MANAGEMENT
Marketing Management
Name of the Student
Name of the University
Author note

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Table of Contents
Introduction......................................................................................................................................2
Marketing Objectives.......................................................................................................................2
Marketing Analysis..........................................................................................................................3
Customer Analysis.......................................................................................................................3
Company Analysis.......................................................................................................................4
Competitor Analysis....................................................................................................................5
Target Market..................................................................................................................................5
PESTEL Analysis............................................................................................................................6
SWOT analysis................................................................................................................................7
Marketing Mix Strategy...................................................................................................................9
Implementation and Control of Strategy.......................................................................................11
Conclusion.....................................................................................................................................11
Reference List and Bibliography...................................................................................................12

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Introduction
Marketing management is the activities that manage the marketing functions for any
organization. The procedure for marketing management involves a detailed practice of planning
and implementing the concept, pricing strategies, promotion and circulation of the idea, products
and services that can satisfy the organizational and individual objectives (Lovelock and Patterson
2015). BCR or the Bank of Cancer Research is a new concept that centers on the funding of
cancer research in Australia. The idea of the Bank of Cancer Research is mostly focused on the
sustainable philanthropy. The concept of the bank is almost the same that everyone around uses
every day, but the profit of the bank will be used for funding the cancer research in Australia.
According to Chalmers et al. (2014) in this era, cancer research is very much important as it will
enhance the understanding of the disease and help the human beings find better, developed and
effective ways of treating cancer. It will also help to find out different approaches of dealing
cancer. The Bank of Cancer Research has been ideated for this very reason. The worldwide
banking industry has been gaining profit for millions of dollars every financial year. If this much
money could be used for funding the cancer research, it would have a huge impact on the cancer
treatments in near future. The mission of this bank is not only using the money for the sake of
profit, rather it would build a sustainable future for all by funding the much required and
expensive cancer research (Bank of Cancer Research 2017). This marketing plan will plan the
objectives of the bank, analyze the market, provide a detailed internal and external analysis and
propose a strategy that can be implemented for the Bank of Cancer Research.
Marketing Objectives
The marketing objectives of the Bank of Cancer Research are:

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 Creating a purpose beyond the usual profit of banks. The BCR will be operating not only
for the banking profit; rather it will operate for funding the cancer research in future. Not
only the bank management, the employees, customers, investors – everyone will work
together to create a sustainable future beyond the usual economic return.
 Creating the sustainable funding for future cancer research and improve the cancer
treatments for everyone around the world.
 Creating career opportunities for people who can also work for a sustainable purpose
beyond their financial needs.
 Creating a business model that will be based entirely on a sustainable purpose beyond
profit. However, it will also generate the profits for the customers and employees, yet it
will make adequate funding for cancer research.
Marketing Analysis
Customer Analysis
The demographics in the Australian banking industry is changing rapidly and
contributing in reshaping the banking industry. The general population of Australia is now much
older and it is being urbanized, diverse and richer with the course of time. In addition to that, the
industry is being more connected to the other organizations across the national boundary. As
opined by Armstrong et al. (2014) there is less distinction between the banking products and
wealth for the customer nowadays, therefore the service propositions and marketing required to
be targeted to a global yet narrow customer segment. Along with that, it has also been found out
that the older generation of Australia is the wealthiest generation; therefore they tend to transfer
their assets to the indebted ones. The consumers of banks are now more educated, tolerant, law

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abiding, trusting, confident and well informed. With the changing technologies, the customers
are now communicating with the bank online and doing more businesses online. Other than that
they are also active on different social media channels and well read, therefore they are capable
of identifying the best offers (Ivanovic and Collin 2014). As the basic idea of the Bank of Cancer
Research is an innovative and sustainable one, therefore it can be highly expected from the
Australian customers that they will be more interested in the idea for bringing a sustainable
future for the entire world.
Company Analysis
The idea of the Bank of Cancer research refers to the social organization that tends to
allow the customers to create a sustainable purpose for future along with creating more career
opportunities. From the employees to the investors – everyone in the BCR will work beyond
their individual profits. The bank will use its profits for funding the cancer research all around
the world. Therefore this profit utilization will reflect the values of the employees, customers and
investors (Cavusgil et al. 2014). With the meaningful motto of the organization, BCR will be
able to improve the cancer treatments along with creating career opportunities for many. All the
customers and employees will receive more than they give to the bank. There will be no such
donations for funding the cancer research. The investors of the bank will invest their money that
will grow with the course of time and provide necessary funding for cancer research (Bank of
Cancer Research 2017). Cancer research is an expensive one which requires more finance for
enhancing the treatment in near future. Therefore it will be easier for the organization to use the
entire profit for funding the cancer researches. Till now the organization has one investor group,
‘The Giving Pledge’ that have made a promise for dedicating most of their net wealth that is

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nearly $730 billion, for purchasing an existing bank so that the BCR can be activated for the very
beginning of its journey.
Competitor Analysis
There are numbers of financial unions in the Australian banking industry. The central
bank of the country is Reserve bank of Australia. Other than that there are Australian owned
bank and building societies such as Bank of Melbourne, Bank of Queensland Limited,
Commonwealth Bank of Australia, National Australia Bank, IMB Bank etc (Huang and Rundle-
Thiele 2014). There are also credit unions and other foreign owned subsidiary banks. However,
there is no such bank with the purpose like Bank for Cancer Research do. The purpose and the
business model with the sustainable philanthropy make a difference for the BCR in the market
and create a competitive edge in the market. In addition to that, the BCR is also planning to buy
an existing bank; therefore they can also gain the existing customers of the bank and attract more
customers.
Target Market
With the fast changing banking dynamics, it is necessary to focus on a particular group of
stakeholders. Initially the Bank of Cancer Research would require a bunch of investors such as
the ‘The Giving Pledge’ who can provide the initial finance for buying an existing bank. For this
purpose, the bank will target the new age banking customers who can be reached through social
media sites and other digital media. The bank will target the consumers who are earning more
than $130,000 per year for diversifying away from the customer base hold by the major banks. It
should be noted that the bank has a different purpose from the other existing financial institutions
in the market (Gordon et al. 2016). Therefore through their marketing strategy the bank should

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target the customer base that is comfortable with the ongoing changes in the industry. The bank
can also use the big data for targeting the customers along with vigorous social media marketing.
Bank of Cancer research can take help of the social media accounts such as Facebook,
Instagram, and Twitter for targeting the market. They can build a relationship with the customers
and attract them towards the bank.
PESTEL Analysis
Political
So far Australia has been a safe place for investing; therefore there are higher chances of
getting more investors for the Bank of Cancer Research. The regulatory and political
environment of the country is adequately stable; therefore it provides a higher degree of certainty
and confidence to the investors (Zikmund et al. 2014).
Economic
Allover there are certain business areas that provide great opportunities for investment in
the country. With the growth of the commercial properties and technology, there are more people
interested in investment. In addition to that, the rate of currency exchange against dollars, euro
and sterling has been quite favorable in Australia; therefore more foreign investors are being
interested in doing business in the country (Klettner, Clarke and Boersma 2014). Furthermore,
the Bank of Cancer Research may get investors all over the world due to this favorable
environment.
Social

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There are distinct social classes in the society, working class, middle class and upper
class. The target market of the BCR is the upper and middle class with annual income of more
than $130,000. These classes are also well aware of the technologies and available of social;
media on a regular basis. Therefore they can get more banking and investment offers online. The
target market of the bank is also highly educated; therefore they have several employment
opportunities as well (Zikmund et al. 2014). Also, there is a large section who takes student
loans, for that reason it is a great opportunity for the bank to flourish in this market.
Technological
With the rapid technological advancements, the costs have reduced, the quality of product
and services has improved, and therefore it has led to more innovations. The very idea of the
BSR is an innovative one which can reach to the general population with the help of social media
sites, blogs, websites etc.
Environmental
There are no such impacts of climate or weather factors on the banking industry, however
massive changes in the climate can act as obstacles for the financial forecast.
Legal
Some rules and legislation are quite important for the operation of the organization. The
organization has to ensure the age requirements; minimum wages and other discriminatory
legislation are maintained properly (Klettner, Clarke and Boersma 2014).

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SWOT analysis
The primary investor of the bank is an organization that has already made a commitment
for dedicating most of their wealth is ‘The Giving Pledge’. Till now the organization is the sole
stakeholder of the company. However, for materializing the idea, the company must conduct an
internal analysis so that they can make the strategies.
Strength
The primary strength of the BCR is the unique concept of the organization. At this stage
cancer research is not only about improving the detection of the disease and improving the
treatment, but it is also about understanding the potential causes of the disease. For this huge area
of research, a huge amount of money is required (Chalmers et al. 2014). Therefore, the basic idea
of funding the cancer research with all the profits of the bank can attract more investors and
customers towards it.
Weakness
The Bank of Cancer Research is entering the Australian banking industry for the very
first time; therefore it lacks the brand value as there are several other banks within the industry. It
is also possible that initially the bank will not be able to meet the expectations of the
shareholders regarding profit. There can also be legal issues which can act as a hindrance to the
business of the bank.
Opportunities
Taking over an existing bank can be huge opportunity for the bank. If the Bank of Cancer
Research is capable of collaborating or taking over an existing bank, the bank will be able to

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activate its business activities from the very beginning (Pérez and Rodríguez del Bosque 2014).
Other than that, the bank can also expand internationally with this unique idea which will benefit
more cancer research centers.
Threat
The primary threat of the organization is the existence of multiple banks in the Australian
banking industry. These banks almost cover around seventy percent of the banking market. Other
than that the recent slowdown in the economy can be a potential threat for the company. There
can also be risk mismanagement in the business activities.
Marketing Mix Strategy
Product
In terms of product, the Bank of Cancer Research should follow a linear strategy.
Furthermore they should focus on strengthening the existing portfolio of the bank they are
collaborating with or taking over for this purpose. Therefore the bank should consolidate the
personal banking, investment plans and credit card options etc (Cohn, Fehr and Maréchal 2014).
with all these products the bank should also innovate more interesting investment plans that are
also coming with the sustainable philanthropy. This will grow more interest within the general
population for the bank.
Place
The element place includes the delivery of the products to the investors and consumers
though suitable delivering channels and appropriate methods (Huang and Rundle-Thiele 2014).
In this scenario, the Bank of Cancer Research is targeting the comparatively young generation

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who will be more interested in bringing the sustainable future and provide more funding in the
cancer research all over the world. This generation is also tech-savvy; therefore they are
comfortable with the usage of smart phones, internet, laptops etc. for this reason the distribution
channel of the banking services should focus on scaling up the online portal for banking. The
bank should also try to involve all potential investment offers as this generation is more practical
to get the appropriate investment offers. Through the online portal the bank should also offer all
the possible services that are being offered in the physical branches of the bank. Therefore, it will
also help the bank to reduce its cost of operations to a great extent. Along with the social media
sites the bank will also launch the mobile applications through which the clientele can access
their banking services without reaching the physical branch of the bank.
Price
It is a critical component for the bank that decides the potential future for the banking
service. As the bank is mostly targeting the customers for both the personal and professional
banking services, it should focus more on offering the competitive rate of interest for the current
and saving account. Through the attractive interest rate according to the situation of market, the
bank will be able to attract more customers towards it.
Promotion
It is very important for the bank to come up with a new and innovative promotional
strategy. The social media networks can be vigorously utilized such as Instagram, Facebook and
Twitter for connecting the potential segment of customers. The bank can build a relationship
with the customers through these sites. They can also send promotional texts, tweets, e-mails and

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other informative posts on social media on a regular basis. Through these promotional strategies
the brand should engage the consumers with the brand.
Implementation and Control of Strategy
After implementing the strategies, the organization should take care that the
implementation is being done properly. The higher management of the bank should continuously
focus on the marketing strategy and promote the primary purpose of the bank to the general
population (Moriarty et al. 2014). Since cancer research is now more important for knowing the
cause of the disease, they should emphasize the sustainable philanthropy of the plan. The
managers should have regular meetings and track the monthly services that are being provided to
the customers.
Conclusion
In the Australian banking industry, there is a clutter of the financial service providers and
banks. Therefore the bank should focus on providing more effectual and higher level of customer
services. The bank should also provide a secure banking service. Due to the sustainable cause of
the bank, it is highly possible that more customers and investors would agree to do business with
the bank. By providing a high level of banking service, the bank can reach to the customers more
effectively.

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Reference List and Bibliography
Bank Of Cancer Research (@bankofcancerresearch) • Instagram photos and videos. (2017).
Instagram.com. Retrieved 21 October 2017, from
https://www.instagram.com/bankofcancerresearch/
Lovelock, C. and Patterson, P., 2015. Services marketing. Pearson Australia.
Armstrong, G., Adam, S., Denize, S. and Kotler, P., 2014. Principles of marketing. Pearson
Australia.
Ivanovic, A. and Collin, P., 2014. Dictionary of Marketing: Over 6,000 terms clearly defined.
Bloomsbury Publishing.
Cavusgil, S.T., Knight, G., Riesenberger, J.R., Rammal, H.G. and Rose, E.L.,
2014. International business. Pearson Australia.
Moriarty, S., Mitchell, N.D., Wells, W.D., Crawford, R., Brennan, L. and Spence-Stone, R.,
2014. Advertising: Principles and practice. Pearson Australia.
Zikmund, W.G., D'Alessandro, S., Winzar, H., Lowe, B. and Babin, B., 2014. Marketing
research. Cengage Learning Australia.
Huang, Y.T. and Rundle-Thiele, S., 2014. The moderating effect of cultural congruence on the
internal marketing practice and employee satisfaction relationship: An empirical examination of
Australian and Taiwanese born tourism employees. Tourism Management, 42, pp.196-206.

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Gordon, R., Gordon, R., Zainuddin, N., Zainuddin, N., Magee, C. and Magee, C., 2016.
Unlocking the potential of branding in social marketing services: utilising brand personality and
brand personality appeal. Journal of Services Marketing, 30(1), pp.48-62.
Klettner, A., Clarke, T. and Boersma, M., 2014. The governance of corporate sustainability:
Empirical insights into the development, leadership and implementation of responsible business
strategy. Journal of Business Ethics, 122(1), pp.145-165.
Pérez, A. and Rodríguez del Bosque, I., 2014. Customer CSR expectations in the banking
industry. International Journal of Bank Marketing, 32(3), pp.223-244.
Beatty, A. and Liao, S., 2014. Financial accounting in the banking industry: A review of the
empirical literature. Journal of Accounting and Economics, 58(2), pp.339-383.
Cohn, A., Fehr, E. and Maréchal, M.A., 2014. Business culture and dishonesty in the banking
industry. Nature, 516(7529), pp.86-89.
Beatty, A. and Liao, S., 2014. Financial accounting in the banking industry: A review of the
empirical literature. Journal of Accounting and Economics, 58(2), pp.339-383.
Wu, M.W. and Shen, C.H., 2013. Corporate social responsibility in the banking industry:
Motives and financial performance. Journal of Banking & Finance, 37(9), pp.3529-3547.
Kanagaretnam, K., Lobo, G.J. and Wang, C., 2015. Religiosity and earnings management:
International evidence from the banking industry. Journal of Business Ethics, 132(2), pp.277-
296.
Allen, F., Carletti, E., Goldstein, I. and Leonello, A., 2015. Moral hazard and government
guarantees in the banking industry. Journal of Financial Regulation, 1(1), pp.30-50.

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Chalmers, I., Bracken, M.B., Djulbegovic, B., Garattini, S., Grant, J., Gülmezoglu, A.M.,
Howells, D.W., Ioannidis, J.P. and Oliver, S., 2014. How to increase value and reduce waste
when research priorities are set. The Lancet, 383(9912), pp.156-165.
Smith, A., Grant, R., Hall, A., Alirezaie, N., Holter, S., Whelan, T., Selander, I., McPherson, T.,
McPherson, J., Omeroglu, A. and Majewski, J., 2014. Contribution of known and novel BRCA-
mediated DNA repair pathway genes to pancreatic cancer susceptibility.
Bank of Cancer Research (2017). Retrieved 21 October 2017, from
http://www.bankofcancerresearch.com/